Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Q1 FY12/25 revenue rose 1.0% YoY to JPY27.2bn, with operating EBITDA declining 14.7% YoY to JPY6.7bn.</li><li>Noritsu Koki revised FY12/25 forecast downward: revenue JPY110.7bn (+3.9% YoY), operating EBITDA JPY22.5bn (-7.3% YoY).</li><li>Revised 1H FY12/25 forecast: revenue JPY51.3bn (-2.8% YoY), operating EBITDA JPY11.7bn (-16.7% YoY).</li></ul>

Q1 FY12/25 revenue rose 1.0% YoY to JPY27.2bn, with operating EBITDA declining 14.7% YoY to JPY6.7bn.Noritsu Koki revised FY12/25 forecast downward: revenue JPY110.7bn (+3.9% YoY), operating EBITDA JPY22.5bn (-7.3% YoY).Revised 1H FY12/25 forecast: revenue JPY51.3bn (-2.8% YoY), operating EBITDA JPY11.7bn (-16.7% YoY).

Noritsu Koki (7744 JP): Q1 FY12/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> shares went up and bitcoin did too. </li>
<li>Yesterday, resin coating/injection molding product maker <a href="https://www.smartkarma.com/entities/ikuyo-co-ltd" target="_blank" data-smartkarma-citation="entities:6780:1" rel="noopener">Ikuyo Co Ltd (7273 JP)</a> announced an M&amp;A Policy, and a Shareholder Benefits Program where shareholders will "win" amounts of bitcoin by lottery.  </li>
<li>Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it's interesting.</li>
</ul>


Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too. 
Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&amp;A Policy, and a Shareholder Benefits Program where shareholders will "win" amounts of bitcoin by lottery.  
Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it's interesting.


[Japan LolWut?] Ikuyo (7273) Says "Iku Yo!" - Bitcoin, M&A, Weirdness, More

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Noritsu Koki is a prominent Japanese company in the DJ equipment and software industry</li><li>Recent market correction in Japan has caused stock to drop by 15%, presenting a potential investment opportunity</li><li>CEO's focus on niche businesses and upcoming earnings announcement seen as positive indicators for stock performance</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Noritsu Koki is a prominent Japanese company in the DJ equipment and software industryRecent market correction in Japan has caused stock to drop by 15%, presenting a potential investment opportunityCEO's focus on niche businesses and upcoming earnings announcement seen as positive indicators for stock performanceThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Noritsu Koki Co Ltd (7744) - Wednesday, Aug 7, 2024

<ul>
<li>Results for the <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> Partial Tender Offer for <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> are out. </li>
<li>The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).</li>
<li>The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki's position suggests the back end could be more squeezy than not.</li>
</ul>


Results for the Omron Corp (6645 JP) Partial Tender Offer for JMDC (4483 JP) are out. 
The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).
The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki's position suggests the back end could be more squeezy than not.


JMDC (4483) Partial Offer Results - Tough Tender, I'd Watch For "THE Block" (Maybe)

David Blennerhassett

<ul>
<li>The <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/ <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. </li>
<li>The ACCC has until 28 September 2023 to make its decision on <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797" rel="noopener">Origin Energy (ORG AU)</a>. Expect ACCC to be supportive - they haven't built a strong "against" case.</li>
<li>There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.</li>
</ul>


The Japan Post Holdings (6178 JP)/ Japan Post Bank (7182 JP) ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. 
The ACCC has until 28 September 2023 to make its decision on Origin Energy (ORG AU). Expect ACCC to be supportive - they haven't built a strong "against" case.
There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.


Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

Japan

Noritsu Koki Co., Ltd. manufactures various photo processors.  The Company specializes in high-speed mini-photo processing lab systems.  Noritsu Koki also produces OEM (original equipment manufacturer) supply for Kodak and Konica.

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Noritsu Koki (7744 JP)